Good luck to the PS workers.

[maxthedog]

A Clerical Officer has to make 24 years of mandatory pension payments before that person will see a cent a week over the OAP that a private sector worker gets.

The OAP is deducted from a public sector worker's wages, it's added to private sector worker's pensions.

So if he joins at 20 by the time he is 44 he has paid is supplement.

A private worker will have to pay PRSI for thirty years to see the benefit in his OAP.

On top of that the PS worker wil now be able to retire at 65 while his private worker will have to grind on for another three years.

In the old days they used to call that slavery.

Nowadays its still called slavery.

[Baron von Biffo]

So if he joins at 20 by the time he is 44 he has paid is supplement.

A private worker will have to pay PRSI for thirty years to see the benefit in his OAP.

On top of that the PS worker wil now be able to retire at 65 while his private worker will have to grind on for another three years.

In the old days they used to call that slavery.

Nowadays its still called slavery.

What evidence do you have for the claim that PS workers will have a different retirement age to private sector workers?

For PS staff recruited after 1995 the pension is made up of the state OAP + an occupational element. If they retire at 65 they would have litle or no income, depending on grade, for 3 years.

[maxthedog]

What evidence do you have for the claim that PS workers will have a different retirement age to private sector workers?

For PS staff recruited after 1995 the pension is made up of the state OAP + an occupational element. If they retire at 65 they would have litle or no income, depending on grade, for 3 years.

on the marian Finnucane show this morning Paul Kenny the pension ombudsman said.

"That Public Service were not included"

He then waffled on about new entrants etc.

But the base line is that I must work to 68 and my PS leech can pack in at 65.

[feargach]

There is no apples-to-apples comparison here.

Both private and public sector workers have a safety net below which their hourly pay cannot fall: the minimum wage.

Public sector workers have an absolute cap of 30X minimum wage. Private sector workers have literally no ceiling. 10,000X minimum wage is by no means unheard of.

So if you insist on comparisons, you have to adjust for the more vastly superior prospects for the top brass in the private sector.

Roughly 40% of all the planet's income goes to private sector top brass, so you cannot be permitted to pretend it is in some way irrelevant.

[hammer]

Who cares. We all deserve pensions. We should all be treated the same. Retirement age should be the same unless you are wealthy enough to retire early.

There is no them & us.

There is only us gobsh...................

[dgl]

A Clerical Officer has to make 24 years of mandatory pension payments before that person will see a cent a week over the OAP that a private sector worker gets.

The OAP is deducted from a public sector worker's wages, it's added to private sector worker's pensions.

Dunno where you get the idea that there's no state pension offset in the private sector

See here from the Pensions Appendix to BMII report:

"6.3 Private Sector Defined Benefit Pension Scheme
6.3.1 Pension Details
Data on private sector pension comparisons came from two sources:
• The Benchmarking Body Survey of pension schemes
• The IAPF Benefits Survey 200231
Based on the information from these two surveys we have used the features below to place a value
on private sector pensions:

Retirement age 65
Pensionable Remuneration Pay over 12 months prior to retirement, less 75% of 1.5 times the
State Pension (see note 1 below).

Pension Accrual Rate 1/60th of pensionable salary for each year of service.

Retirement Lump Sum Option to commute to a lump sum.

Spouses’ pension 50% of member’s pension.

Contributions 6% pensionable salary.

Options to enhance pension AVCs.

Pension increases We have assumed that the pension will increase at half of the rate of
inflation (see note 2).

Note 1: In calculating the value of private sector schemes we have taken account of whether they apply an offset for the State Pension. Based on information from the surveys we have concluded that 75% of schemes apply a State Pension offset. Therefore we have calculated the value based on 75% of the normal offset."

Note 2: The Benchmarking Body’s survey of private sector pension schemes showed that approximately half of respondents with a defined benefits pension stated that they gave no pension increases. The remainder gave a variety of different increases ranging from the consumer price index (CPI) with a limit to full CPI or fixed increases. Based on this data we arrived at an average pension increase of half of CPI. The 2002 IAPF Benefits Survey showed a higher proportion of funds proposing to give some form of increase. The increases proposed ranged from increases of close to CPI to a range of other possible
increases. Overall their information is not inconsistent with the assumptions based on the Benchmarking Body survey."

[Baron von Biffo]

on the marian Finnucane show this morning Paul Kenny the pension ombudsman said.

"That Public Service were not included"

He then waffled on about new entrants etc.

But the base line is that I must work to 68 and my PS leech can pack in at 65.

The PS are not included in the new mandatory 4-2-2 pension but that doesn't mean they can draw the OAP at 65.

Your hatred of PS workers, as evidenced by the use of offensive terms like leech, prompts me to wonder if there's some story hidden here. A bad relationship with a PS worker? Were you an unsuccessful applicant for a PS job yourself?

[Proposition Joe]

Speaking of the 4-2-2 scheme, I wonder will the reduced 33% tax relief be applied to all pension contributions? Including the PS superannuation and pension levy?

[Baron von Biffo]

Speaking of the 4-2-2 scheme, I wonder will the reduced 33% tax relief be applied to all pension contributions? Including the PS superannuation and pension levy?

Not to mention the BM II charge that currently enjoys no tax relief.

[Proposition Joe]

Not to mention the BM II charge that currently enjoys no tax relief.

How could you get tax relief on a pay rise you never got? No one pays tax on income not earned. And the lack of a tax liability implies no tax relief is possible.